RBI imposes penalty of Rs 3.06 cr on Amazon Pay
Amazon Pay fined: The Reserve Bank of India on Friday imposed a penalty of Rs 3.06 crore on Amazon Pay Private Limited.
Amazon Pay has been fined for non-compliance with norms with provisions like Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.
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RBI also issued statement on the same and wrote, “The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 3,06,66,000 on Amazon Pay (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time)."
Meanwhile, RBI also issued a show cause notice to Amazon Pay demanding to show why penalty should not be imposed.
Notably, the penalty is based on deficiencies in regulatory compliance and stated that any transaction or agreement entered into by the Amazon Pay (India) with its customers.
Amazon Pay is the digital payment arm of e-commerce giant Amazon.
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- With inputs from agencies